Houthis, Saudis, Iran - and the future of Middle Eastern oil

In a lightning offensive last week, Yemen’s Houthis took over much of the country’s Red Sea coast, threatening shipping in the vital sea lane that had emerged as an alternative to Strait of Hormuz in the Persian Gulf. Houthis have been fighting a Saudi-led military coalition for a decade, although a 2022 UN-brokered truce halted their attacks on Saudi territory. But the Houthis’ latest move has once again sent oil prices north of the $100 per barrel mark, adding another front to the wider US-Israel war against Iran. Here’s the lowdown on why the Houthis’ Red Sea threat matters, how this puts Saudi Arabia in a serious pickle, and what it means for the Iran war:What’s the latest Houthi offensive all about?The offensive saw Houthis take over key parts of Yemen’s Red Sea coast. This adds weight to the Houthi threat to shipping in the vital sea lane.